gaming

New chart April 24 - 2010

If you click on the new chart I have posted on the right you can see that the yellow verticle bar shows the price move I was expecting in ATVI (You can also see that I was bullish in ATVI and charted this exact short term move before it transpired. Older post here and the chart is at the end of this post.) 

I often times sell out of a position before the move is over to lock in gains in a swing trade. A swing trade for me is a short 1 - 3 week (or even 2 - 3 day trade) so if I see profits and I am well within the majority of the move I take the trade off and look for other stocks to put my money.

What a week last week. We saw a huge reversal candlestick on the S&P on Thursday. I pulled the trigger on the last remaining swing trades I had in ATVI*, INTC, KAD and ETFC (Made very little in either of the last two).  But ATVI and INTC were nice quick trades. * I still think ATVI will go to the 12.50 - 13.00 range.  Click image to see my thoughts...

Going "all cash" in my trading account hardly happens with me, matter of fact it's the first time this year. My reason for going all cash? This market is so overbought and I thought that I should begin a new position. CASH. Yes folks, cash is a position. I do not have plans on shorting this raging bull of a market, but I do plan on sitting on my hands and my nice gains. (You can see my gains on the right side so far this year) I just need to see what the market does before I put on any more swing trades.

What will I do now?

Collect dividends in my Roth IRA. - Boring I know.
Add funds in IRA - Hope the market pulls back, I want to buy at cheaper  - Buying cheap is never boring.
Day trade quick daily scalps on the US dollar. (as usual)

I made this chart a few days ago and I forgot to post. It was an update of ATVI's price action. At some point it looks to move to 13.00ish. (Unless the market goes south) It needs to hold these current  levels and break above the 200 day moving average still. Overall I think ATVI looks good here in the short (2 week ) - mid-term (2 month). I am holding a swing from 10.00. If it hits 12.50 I will reevaluate.

- S